EEPC: TN tops engg exports tally with 50 pc share of South shipments
The southern states contributed close to one-fourth of the country’s engineering exports, with Tamil Nadu alone claiming over 50 per cent of the total engineering shipments from South India during 2016-18. Engineering exports from the South amounted to $18.34 bn during 2017-18 as the state has emerged as the frontline state in manufacturing industries.
By : migrator
Update: 2019-01-07 03:10 GMT
Chennai
At the recent Engineering Exports Promotion Council (EEPC India) award function held in the city, Governor Banwarilal Purohit said that all the 78 awardees of the EEPC India from the south, have played a key role in enhancing the country’s engineering exports, which are most contributed by the MSMEs. Companies such as Hyundai, TVS, HAL, RINL were among the winners of the EEPC India, Southern Region awards.
The $100 bn mark seems achievable by companies in the engineering exports sector which reached an all-time high of $76.2 billion in 2017-18 and has registered a 7.5% hike over the first 8 months during the current fiscal. However, the global trade environment is marked with uncertainties, said EEPC India Chairman Ravi Sehgal, adding it is not clear how the US programme of Generalized System of Preferences for Indian imports to the US would be in the future. The GSP programme allows duty free entry of 1937 products worth $5.6 billion from India into the US markets.
Mahesh K Desai, Sr Vice Chairman and Officiating as the Regional Chairman (SR), EEPC India said, “Exporters were striving for their stellar performance despite global head winds during 2016-17, when Indian engineering exportswas $65.2 bn.
Meanwhile, the EEPC has also urged the government to set up a shipping regulator with a view to rationalise freight charges to boost products’ competitiveness and outbound shipments. In a communication to the commerce and shipping ministries, the EEPC India has stated that reduction in ocean freight is important to increase competitiveness of engineering exporters in the global market.
Engineering Prosperity
- Engineering exports were $76 bn in 2017-18 and is expected to touch $80 bn this fiscal on account of healthy growth in key markets, including the US and European nations
- During April to October 2018-19, these exports stood at $48 bn as compared to $43.11 bn, recorded in the same period in the previous fiscal
- Shipments to the US and Europe account for about 40 per cent of the total exports from the sector
- Since 2011-12, India’s overall exports have been hovering at around $300 bn
- During 2017-18, the shipments grew by about 10 per cent to $303 bn. Promoting and pushing for exports helps a country create jobs, boost manufacturing and earn more foreign exchange
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